Bethesda, Maryland, is an unincorporated, census-designated place situated in southern Montgomery County, just northwest of Washington, D.C. This area, along with several of its surrounding ZIP codes, ranks among the most affluent in the state. Maryland is noted for having some of the wealthiest regions on the East Coast, especially within the greater Washington, D.C. area, which is often characterized by visible displays of affluence. In a recent analysis that focused on the state’s housing markets, particular attention was given to home values across various ZIP codes. Maryland showcases significant wealth disparities, particularly noticeable when comparing urban areas like Bethesda with the state’s rural, northwest regions.
Through an assessment of ZIP codes, our analysis has shed light on the most expensive housing markets in Maryland for the upcoming year of 2024. We utilized Zillow’s home value index and Census Bureau data to compile a list of the top locations with the highest home values. By examining a combination of the most current monthly home values from September 2024 and the average median home values over a year’s span, we were able to create a comprehensive overview of where the most affluent communities find themselves in Maryland.
The findings reveal that the priciest ZIP codes in Maryland often cluster along the coast of the Chesapeake Bay and the Potomac River, diverging only slightly in their proximity to Washington, D.C. Topping the list is ZIP code 21056, covering Gibson Island, which is located southwest of Baltimore. Households in this area are extraordinarily prosperous, with median household incomes exceeding $250,000, and a mean household income of $357,219—one of the highest in the nation. Home values in this ZIP code have surged from more than $1.9 million five years ago to approximately $2.934 million, marking a notable increase of 54% over that period.
The second most expensive ZIP code is 21405, located southeast of Baltimore and along the Severn River, which is upstream from Annapolis. While it does not boast incomes as high as Gibson Island, 21405 has a median household income above $150,000 and an average income of $176,203. The area has shown impressive home value growth, rising from a median of $956,779 in September 2019 to about $1.443 million in September 2024, indicating a remarkable appreciation rate of 7.5% from just year-to-year.
ZIP code 20816, which encompasses areas south of Bethesda, including Woodacres, Westgate, Brookmont, and Bowlero Bethesda, holds the title of the third most expensive area in Maryland. With a median household income of $228,311 and a mean income of $321,268, the affluence within 20816 is substantial, where an astonishing 54.5% of households earn $200,000 or more annually. Home values in this region have also seen a promising upward trend since the pandemic began, with a five-year increase resulting in median home values approximately hitting $1.327 million after starting at just over $1 million in September 2023.
Coming in fourth is the affluent area of 20815, covering places like Chevy Chase, Martin’s Additions, Kenwood, and Somerset, which shares its southeast border with Washington, D.C. This ZIP code boasts a median household income of $185,873 alongside a mean income of $297,181. Nearly 60% of the households here earn $150,000 or more. While home values have appreciated by 28.8% over the last five years, the latest median value stands around $1.324 million, indicating solid yet slow growth compared to other top areas.
Finally, the fifth most expensive ZIP code in Maryland is 20812, which includes Cedar Island, Cabin John Island, and portions of Glen Echo Park. This area’s income distribution is uniquely diverse, with a small percentage of households earning less than $10,000 while around 47.6% earn $200,000 or more. The overall home value in this ZIP code has dramatically appreciated at 5.4% year-over-year, leading to a median value exceeding $1.27 million as of September 2024. This encapsulation of the most expensive areas in Maryland highlights the stark wealth divisions within the state and underscores the continuous growth in property values throughout these affluent communities.
